State Street Corporation announced the successful issuance of $2.25 billion in aggregate principal amount of senior debt through its principal banking subsidiary, State Street Bank and Trust Company. The offering, which closed today, is part of State Street’s ongoing commitment to inclusion, diversity, and equity. This debt issuance highlights the company’s efforts to foster a more inclusive economy, partnering with underrepresented groups and veteran-owned businesses throughout the process.
Promoting Diversity Through Strategic Partnerships
As part of the offering, Academy Securities, Inc. acted as a joint book-running manager, with AmeriVet Securities, Inc., CastleOak Securities L.P., Loop Capital Markets LLC, and Samuel A. Ramirez & Company, Inc. serving as co-managers. These five broker-dealers are all owned by underrepresented groups, and collectively, they underwrote 40% of the securities issued in this transaction. This strategic collaboration is in line with State Street’s commitment to advancing inclusion, diversity, and equity within financial markets.
The underwriting syndicate also included prominent firms such as Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., and Goldman Sachs & Co. LLC, who each acted as joint book-running managers for the offering. While these firms are major players in the global finance industry, the addition of diverse and veteran-owned firms underscores State Street’s efforts to bring a wide array of perspectives to the table.
A Commitment to an Inclusive Economy
“At State Street, we value diverse perspectives,” said Paul Francisco, Chief Diversity Officer for State Street. “Today’s debt issuance, achieved in partnership with diverse and veteran-owned firms, highlights our continued commitment to help create a more inclusive economy by fueling business growth for these firms. Working together with all of our stakeholders, our debt issuance initiative aims to build stronger, more resilient markets and communities.”
This initiative reflects the broader goals of State Street’s inclusion, diversity, and equity strategy, and reinforces the company’s mission to amplify its sustainability and impact initiatives. The strategic decisions made during the debt issuance process are a demonstration of how financial institutions can leverage their influence to drive positive change within the industry.
Supporting Veterans and Underrepresented Groups in Finance
Academy Securities, a veteran-owned investment bank, has long been a champion of military veteran recruitment and training. Chance Mims, Founder and CEO of Academy Securities, expressed his pride in working alongside State Street on this transaction. “Academy Securities is honored to serve as a joint book-running manager on today’s benchmark transaction,” said Mims. “State Street is a firm that shares our passion for exceeding clients’ expectations while supporting our nation’s military veteran heroes. Through our partnership, Academy Securities will be able to help train additional veterans for a meaningful career in finance while executing at the highest level.”
Academy Securities, along with the other diverse and veteran-owned firms involved, will use their participation in the debt issuance to expand their own efforts in training and employing veterans in the finance sector. This partnership aligns with State Street’s broader focus on creating pathways to financial careers for underrepresented groups, contributing to a more diverse and inclusive industry overall.
State Street’s Commitment to Diversity and Inclusion
State Street’s emphasis on diversity goes beyond just the debt issuance itself. The company is committed to creating an environment where different perspectives are valued, and where opportunities are available to people from all backgrounds. By involving diverse firms in key financial transactions, State Street aims to have a ripple effect on the industry, promoting a culture of inclusion that extends far beyond their own organization.
The company’s ongoing efforts to promote diversity and inclusion are also reflected in its investments and partnerships. State Street has been at the forefront of implementing sustainability and diversity-related initiatives within the financial industry, recognizing that fostering inclusivity can contribute to long-term financial success and growth.
About State Street Corporation
State Street Corporation is one of the world’s leading providers of financial services to institutional investors. Headquartered in Boston, Massachusetts, the company offers investment servicing, investment management, and related services to clients worldwide. State Street is committed to driving innovation and excellence in financial services, with a particular focus on sustainability, inclusion, and equity.
